ICON Public Limited Company

ICLR

NASDAQ · Contract Research & Manufacturing

$204.74

At close - Nov 6, 4:00 PM EST - USD

Market Cap$15.68B

P/E35.3x

52W High$219.04

Volume1.34M

VCP Research Verdict2026Q3

Flat Revenue and Margin Compression Test ICON's Resilience

ICON's revenue has plateaued in a narrow $2.0B to $2.1B band, with the latest quarter showing a -0.9% year-over-year decline, while gross margin has compressed from roughly 29% in late 2024 to 19.6% in 2026Q3, suggesting demand or pricing pressure may be more structural than cyclical.

GrowthStable

ProfitabilityModerate

ValuationAttractive

TechnicalsStrong

Explore valuation models

MARKET ACTION

ICLR price & volume

Price trend, volume and key moving averages

Launch Terminal

Loading chart...

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue has been essentially flat near $2.0B to $2.1B while gross margin fell from about 29% to 19.6% and net margin reached only 6.0% in the latest quarter, suggesting profitability is under pressure despite stable operating income.

Analyst Consensus+6.3% target

Buy(30 analysts)

16 Buy12 Hold2 Sell

The Bull Case

Upside Catalysts

Book-to-bill recovery

Book-to-bill ratio recovers to 1.2x+ in 2026-2027, driving backlog and revenue re-acceleration toward 5% organic growth.

EPS growth potential

Combined with buybacks, margin improvement, and intangible amortization burn-down, the company projects $15+ adj. EPS by FY 2028.

Valuation re-rating

The bullish case supports a re-rating to 12-15x forward earnings, implying a stock price range of $180-$225.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

ICLR+8.52%

S&P 500 (^GSPC)+7.63%

1-Year Return

ICLR+27.96%

S&P 500 (^GSPC)+9.69%

3-Year Return

ICLR-20.60%

S&P 500 (^GSPC)+70.76%

5-Year Return

ICLR-23.62%

S&P 500 (^GSPC)+58.87%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/EMedian

35.3x

Forward P/EExpansion

19.3x

EV/EBITDA40th %ile

13.6x

FCF YieldCash Flow

8.2%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

35.3x

38.3x

40th· Fair

EV/EBITDA

13.6x

15.1x

40th· Fair

Price/FCF

12.2x

22.9x

0th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$140.24-31.5%

Base (Fair)$241.69+18.0%

Bull$355.36+73.6%

$140.24 Bear$241.69 Base$355.36 Bull

Current Market Price: $204.74

Trades at a 15.3% discount to Base DCF ($241.69)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$8.25B-0.4% YoY

Net income FY25

$229M-71.0% YoY

Free cash flow FY25

$862M-22.9% YoY

Operating margin FY25

12.3%-1.0 pts YoY

ROIC (FY25)6.2%

Avg ROIC 5Y5.3%

ROE (TTM)4.9%

Piotroski Score5 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate10/12 (83%)

Revenue Beat Rate8/12 (67%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Oct 27, 2026	$2.66+1.5% vs $2.62	$2.0B+0.6% vs $2.0B
Q3 2026 Jul 29, 2026	$2.56+0.4% vs $2.55	$2.1B+3.0% vs $2.0B
Q3 2026 Jun 23, 2026	$2.50+1.6% vs $2.46	$2.0B+1.8% vs $2.0B
Q2 2026 May 27, 2026	$2.52-19.5% vs $3.13	$2.1B+6.6% vs $2.0B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·Oct 28, 2026

ICON Public Limited Company (ICLR) Q3 2026 Earnings Call Transcript

ICON Public Limited Company ( ICLR ) Q3 2026 Earnings Call October 28, 2026 8:00 AM EDT Company Participants Kate Haven - Vice President of Investor Relations Barry Balfe - CEO & Director Nigel Clerkin - Chief Financial Officer Conference Call Participants Eric Coldwell - Robert W. Baird & Co. Incorporated, Research Division David Windley - Jefferies LLC, Research Division Justin Bowers - Deutsche Bank AG, Research Division Charles Rhyee - TD Cowen, Research Division Elizabeth Anderson - Evercore ISI Institutional Equities, Research Division Michael Cherny - Leerink Partners LLC, Research Division Ann Hynes - Mizuho Securities USA LLC, Research Division Jailendra Singh - Truist Securities, Inc., Research Division Kevin Caliendo - UBS Investment Bank, Research Division Luke Sergott - Barclays Bank PLC, Research Division Jack Meehan - Operon Research, LLC Sean Dodge - BMO Capital Markets Equity Research Jared Haase - William Blair & Company L.L.C.

MarketBeat·Oct 28, 2026

What Icon (ICLR) Said on Its Q3 Earnings Call

Icon NASDAQ: ICLR reported third-quarter 2026 results that management said were in line with expectations, citing record net business wins, improving margins and continued investment in technology-enabled clinical development services.

Zacks Investment Research·Oct 27, 2026

Icon PLC (ICLR) Q3 Earnings and Revenues Beat Estimates

Icon PLC (ICLR) came out with quarterly earnings of $2.66 per share, beating the Zacks Consensus Estimate of $2.64 per share. This compares to earnings of $3.31 per share a year ago.

Seeking Alpha·Oct 27, 2026

Riverwater Partners Sustainable Value Strategy Q3 2026 Portfolio Update

The Sustainable Value Strategy trailed its benchmark, the Russell 2500 Value Index, in the third quarter. New positions include Lineage, Birkenstock, Matador Resources, KBR and ICON. InterDigital, Stevanato Group and Exelixis rounded out our top contributors.

Filtered for ICON Public Limited CompanyMore Headlines

Compare before deciding

Benchmark ICLR against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for ICON Public Limited Company (ICLR)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
ICLRICON Public Limited CompanyCurrent	$204.74	$15.68B	35.32	-0.37%	5.45%	4.85%	—
CRLCharles River Laboratories International, Inc.	$337.52	$16.26B	408.03	-0.85%	1.01%	1.3%	—
IQVIQVIA Holdings Inc.	$271.83	$44.74B	32.57	5.87%	8.05%	21.39%	—
MEDPMedpace Holdings, Inc.	$653.11	$18.23B	35.78	19.97%	18.24%	99.76%	—
LHLabcorp Holdings Inc.	$366.57	$30.06B	29.79	7.25%	6.88%	11.52%	0.78%
DGXQuest Diagnostics Incorporated	$255.63	$28.21B	25.36	11.78%	9.53%	14.66%	1.22%

Compare ICLR vs Peers

ICON Public Limited Company (ICLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CRL

Most directly comparable listed peer for ICLR.

Scale Benchmark

vs TMO

Larger-name benchmark to compare ICLR against a more recognizable public peer.

Peer Set

Compare Top 5

vs CRL, IQV, MEDP, LH

Get notified when ICLR posts new earnings or crosses analyst targets

Free. No account needed. Unsubscribe any time.

ICLR Frequently Asked Questions

ICON Public Limited Company (ICLR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is ICON Public Limited Company's revenue?

ICON Public Limited Company (ICLR) reported $8.25B in revenue in fiscal year 2025, which is also its trailing twelve months. That is 14687% more than the $55.8M of fiscal year 1998.

How fast is ICON Public Limited Company growing?

ICON Public Limited Company (ICLR) grew revenue by 1.6% over the trailing twelve months, compared with the twelve months before.

Is ICLR profitable?

Yes. ICON Public Limited Company (ICLR) earned $448.7M in net income over the trailing twelve months (a 5.4% net margin).

Dividend & Returns

What is ICLR's return on equity?

ICON Public Limited Company (ICLR) had a return on equity (ROE) of 4.9% over the trailing twelve months. That is below the market's typical 10-15%.

What is ICON Public Limited Company's free cash flow?

ICON Public Limited Company (ICLR) generated $1.28B in free cash flow over the trailing twelve months.

What if you invested $1,000 in ICLR back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Oct 27, 2026

$2.66+1.5%

vs $2.62

$2.0B+0.6%

vs $2.0B

Q3 2026

Jul 29, 2026

$2.56+0.4%

vs $2.55

$2.1B+3.0%

vs $2.0B

Q3 2026

Jun 23, 2026

$2.50+1.6%

vs $2.46

$2.0B+1.8%

vs $2.0B

Q2 2026

May 27, 2026

$2.52-19.5%

vs $3.13

$2.1B+6.6%

vs $2.0B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

ICLRICON Public Limited CompanyCurrent

$204.74

$15.68B

35.32

-0.37%

5.45%

4.85%

—

CRLCharles River Laboratories International, Inc.

$337.52

$16.26B

408.03

-0.85%

1.01%

1.3%

—

IQVIQVIA Holdings Inc.

$271.83

$44.74B

32.57

5.87%

8.05%

21.39%

—

MEDPMedpace Holdings, Inc.

$653.11

$18.23B

35.78

19.97%

18.24%

99.76%

—

LHLabcorp Holdings Inc.

$366.57

$30.06B

29.79

7.25%

6.88%

11.52%

0.78%

DGXQuest Diagnostics Incorporated

$255.63

$28.21B

25.36

11.78%

9.53%

14.66%

1.22%